Standard Life’s merger with Aberdeen Asset Management has been cleared by watchdogs

The Competition and Markets Authority decided the combination, creating Europe’s second largest fund manager with £670billion under management and about 9,000 staff, would not result in a substantial lessening of competition in any UK markets.

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Standard and Aberdeen, whose respective shareholders overwhelmingly backed the deal earlier this week, expect it to complete on August 14.

The merged company could then target another tie-up with Scottish Widows.

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The merger is expected to be completed on August 14

Today’s announcement by the CMA is as expected – if a little earlier than anticipated

Analysts at RBC Capital Markets

In a joint announcement on Thursday, the companies said: "Standard Life and Aberdeen note the announcement today by the CMA that it has completed its review of their proposed merger and has cleared the transaction unconditionally.

"The transaction is currently expected to complete on 14 August 2017, subject to remaining regulatory approvals."

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The merged company could then target another tie-up with Scottish Widows

Analysts at RBC Capital Markets said of the announcement on Thursday: “Today’s announcement by the CMA is as expected – if a little earlier than anticipated.

“We believe investors will continue to further appreciate the value, income and growth potential of the combined group as the proposed merger nears completion.”